What is OPAL Fuels' operating income?

OPAL Fuels' total operating income in 2025 was $7.41 million, based on the following breakdown: Total Gross Profit: $106.18 million Total Operating Expenses: $98.77 million

OPAL Fuels (OPAL) Financials

$1.22 -0.02 (-1.62%)

Closing price 11/13/2026 04:00 PM Eastern

Extended Trading

$1.21 -0.01 (-0.41%)

As of 11/13/2026 04:10 PM Eastern

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Annual Income Statements for OPAL Fuels

This table shows OPAL Fuels' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	3.39	19	0.56	4.28
Consolidated Net Income / (Loss)	41	33	127	14	36
Net Income / (Loss) Continuing Operations	41	33	127	14	36
Total Pre-Tax Income	41	33	127	5.42	-16
Total Operating Income	11	7.56	7.04	21	7.41
Total Gross Profit	51	73	72	100	106
Total Revenue	166	236	256	300	349
Operating Revenue	166	236	256	300	349
Total Cost of Revenue	115	163	184	200	243
Operating Cost of Revenue	115	163	184	200	243
Total Operating Expenses	40	65	65	79	99
Selling, General & Admin Expense	29	51	51	53	64
Research & Development Expense	-	6.44	4.87	19	15
Depreciation Expense	11	13	15	18	22
Other Operating Expenses / (Income)	-	-5.78	-5.53	-13	-2.63
Impairment Charge	-	-	0.00	2.02	0.00
Total Other Income / (Expense), net	30	25	120	-16	-24
Interest Expense	7.47	6.64	11	22	28
Interest & Investment Income	37	-	-	1.92	1.25
Other Income / (Expense), net	0.10	32	131	3.81	2.53
Income Tax Expense	0.00	0.00	0.00	-8.91	-53
Preferred Stock Dividends Declared	0.21	7.93	11	10	10
Net Income / (Loss) Attributable to Noncontrolling Interest	41	21	97	3.29	22
Basic Earnings per Share	$0.00	$0.13	$0.70	$0.02	$0.15
Weighted Average Basic Shares Outstanding	0.00	25.77M	27.15M	27.62M	28.14M
Diluted Earnings per Share	$0.00	$0.12	$0.69	$0.02	$0.15
Weighted Average Diluted Shares Outstanding	0.00	26.06M	27.49M	27.69M	29.25M
Weighted Average Basic & Diluted Shares Outstanding	0.00	172.04M	172.48M	172.83M	173.40M

This table shows OPAL Fuels' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.32	-0.15	2.36	-1.33	-0.24	0.80	-0.78	2.27	-2.64	-1.50	-0.94
Consolidated Net Income / (Loss)	0.68	1.91	17	-5.37	1.28	7.56	-1.91	16	-5.59	-4.15	1.66
Net Income / (Loss) Continuing Operations	0.68	1.91	17	-5.37	1.28	7.56	-1.91	16	-5.59	-4.15	1.66
Total Pre-Tax Income	0.68	1.91	8.20	-5.37	-6.75	-6.13	-1.91	-0.27	-11	-8.89	1.66
Total Operating Income	3.57	5.69	12	-0.35	-1.94	-0.83	4.86	6.60	-4.84	-3.01	8.83
Total Gross Profit	17	23	33	28	27	23	23	31	20	24	28
Total Revenue	65	71	84	80	85	80	83	100	73	83	79
Operating Revenue	65	71	84	80	85	80	83	100	73	83	79
Total Cost of Revenue	48	48	51	52	59	57	60	69	54	59	52
Operating Cost of Revenue	48	48	51	52	59	57	60	69	54	59	52
Total Operating Expenses	13	17	20	28	29	24	18	24	24	27	19
Selling, General & Admin Expense	13	14	13	14	16	17	11	16	15	14	12
Research & Development Expense	0.79	2.94	6.80	8.59	6.08	3.48	2.54	2.84	1.82	3.30	2.74
Depreciation Expense	3.71	4.27	4.70	5.21	5.94	5.26	5.22	5.70	5.61	5.17	5.04
Other Operating Expenses / (Income)	-4.21	-3.80	-3.82	-1.41	0.72	-1.96	-0.84	-0.75	1.76	0.60	-1.29
Impairment Charge	-	-	-	-	-	0.00	0.00	-	-	4.14	0.01
Total Other Income / (Expense), net	-2.89	-3.78	-4.11	-5.02	-4.81	-5.30	-6.77	-6.87	-6.46	-5.87	-7.17
Interest Expense	3.96	4.99	5.03	5.63	6.45	6.64	7.19	8.19	6.64	8.65	8.93
Interest & Investment Income	-	-	-	-	0.39	0.27	0.29	-	0.76	2.10	0.74
Other Income / (Expense), net	1.07	1.21	0.92	0.61	1.25	1.07	0.13	0.08	-0.58	0.67	1.01
Income Tax Expense	0.00	0.00	-8.91	-	-8.04	-14	0.00	-16	-5.71	-4.74	0.00
Preferred Stock Dividends Declared	2.62	2.62	2.62	2.62	2.62	2.62	2.62	2.62	9.53	4.35	6.53
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.63	-0.56	12	-6.65	-1.10	4.14	-3.75	11	-12	-7.00	-3.93
Basic Earnings per Share	($0.01)	($0.01)	$0.09	($0.05)	($0.01)	$0.03	($0.03)	$0.08	($0.09)	($0.05)	($0.03)
Weighted Average Basic Shares Outstanding	27.37M	27.67M	27.71M	27.62M	27.72M	28.27M	28.28M	28.14M	28.30M	29.64M	29.64M
Diluted Earnings per Share	($0.01)	($0.01)	$0.09	($0.05)	($0.01)	$0.03	($0.03)	$0.08	($0.09)	($0.05)	($0.03)
Weighted Average Diluted Shares Outstanding	27.37M	27.67M	27.74M	27.69M	27.72M	29.23M	28.28M	29.25M	28.30M	29.64M	29.64M
Weighted Average Basic & Diluted Shares Outstanding	172.79M	172.82M	172.83M	172.83M	173.37M	173.40M	173.40M	173.40M	174.76M	174.76M	174.78M

This table details how cash moves in and out of OPAL Fuels' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	27	35	-30	-20	0.74
Net Cash From Operating Activities	19	-1.36	38	31	36
Net Cash From Continuing Operating Activities	19	-1.36	38	32	36
Net Income / (Loss) Continuing Operations	41	33	127	14	36
Consolidated Net Income / (Loss)	41	33	127	14	36
Depreciation Expense	10	13	14	18	22
Amortization Expense	0.83	2.71	2.36	1.09	2.71
Non-Cash Adjustments To Reconcile Net Income	-32	-7.08	-105	9.12	7.49
Changes in Operating Assets and Liabilities, net	-1.06	-43	0.20	-11	-33
Net Cash From Investing Activities	-117	-184	-74	-135	-77
Net Cash From Continuing Investing Activities	-117	-184	-74	-135	-77
Purchase of Property, Plant & Equipment	-90	-131	-114	-127	-71
Acquisitions	-21	0.00	-12	-22	-22
Sale of Property, Plant & Equipment	-	-	0.00	0.83	3.00
Sale and/or Maturity of Investments	3.70	13	60	14	13
Net Cash From Financing Activities	125	221	5.90	84	42
Net Cash From Continuing Financing Activities	125	221	5.90	84	42
Repayment of Debt	-24	-86	-171	-2.25	-19
Payment of Dividends	-8.70	0.00	-17	-14	-11
Issuance of Debt	91	45	197	100	70
Issuance of Common Equity	29	0.00	0.37	0.17	1.99
Other Financing Activities, net	38	162	-3.39	-0.63	-0.39
Cash Interest Paid	4.34	7.01	6.93	23	28

This table details how cash moves in and out of OPAL Fuels' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-15	-10	1.75	5.03	16	-11	0.78	-4.32	109	-42	-4.73
Net Cash From Operating Activities	14	0.53	18	1.12	30	-7.87	18	-3.52	13	11	6.91
Net Cash From Continuing Operating Activities	14	0.53	18	1.12	30	-7.87	18	-3.52	13	11	6.91
Net Income / (Loss) Continuing Operations	0.68	1.91	17	-5.37	1.28	7.56	11	16	-5.59	-4.15	3.13
Consolidated Net Income / (Loss)	0.68	1.91	17	-5.37	1.28	7.56	11	16	-5.59	-4.15	3.13
Depreciation Expense	3.56	4.15	4.97	5.11	5.94	5.15	5.79	5.70	5.61	5.17	4.35
Non-Cash Adjustments To Reconcile Net Income	-1.42	-0.69	5.92	2.77	2.10	1.79	3.07	0.07	2.88	8.58	1.00
Changes in Operating Assets and Liabilities, net	10	-5.24	-11	-1.31	20	-23	-2.75	-27	10	1.16	-1.57
Net Cash From Investing Activities	-22	-32	-32	-48	-9.28	-27	-34	-7.39	-19	-39	-10
Net Cash From Continuing Investing Activities	-22	-32	-32	-48	-9.28	-27	-34	-7.39	-19	-39	-10
Purchase of Property, Plant & Equipment	-27	-23	-23	-54	-12	-22	-27	-9.85	-24	-28	-18
Acquisitions	-1.50	-7.05	-5.41	-	-5.65	-6.07	-4.94	-5.70	-0.98	-13	-2.95
Sale and/or Maturity of Investments	6.63	-2.41	-3.21	13	7.94	1.16	-1.49	5.16	5.96	1.05	11
Net Cash From Financing Activities	-6.64	22	17	52	-4.73	23	16	6.59	115	-13	-1.38
Net Cash From Continuing Financing Activities	-6.64	22	17	52	-4.73	23	16	6.59	115	-13	-1.38
Repayment of Debt	-0.62	-0.46	-0.79	-0.39	-1.67	-16	-0.87	-0.73	-34	-17	-26
Repurchase of Preferred Equity	-	-	-	-	0.00	-	-	-	17	7.89	26
Payment of Dividends	-5.47	-2.96	-2.67	-2.69	-2.68	-2.67	-2.66	-2.62	-3.51	-3.84	-4.47
Issuance of Common Equity	0.10	0.07	-	-	0.00	2.05	-	-0.06	7.40	1.20	2.40
Cash Interest Paid	3.24	3.94	1.44	11	6.63	6.68	7.22	7.28	6.75	7.94	9.65

This table presents OPAL Fuels' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	381	645	755	881	908
Total Current Assets	87	212	128	117	139
Cash & Equivalents	39	40	38	24	24
Restricted Cash	0.00	32	4.40	0.97	1.21
Accounts Receivable	25	44	46	47	62
Inventories, net	5.14	7.31	10	10	11
Prepaid Expenses	5.48	7.63	6.01	24	16
Other Current Assets	9.25	12	7.60	11	25
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	294	433	627	764	769
Long-Term Investments	47	52	207	224	207
Noncurrent Note & Lease Receivables	11	1.94	2.30	0.00	8.22
Goodwill	55	55	55	55	55
Other Noncurrent Operating Assets	176	319	361	486	500
Total Liabilities & Shareholders' Equity	381	645	755	881	908
Total Liabilities	286	267	297	416	462
Total Current Liabilities	142	153	74	104	104
Short-Term Debt	94	79	0.00	13	15
Accounts Payable	13	24	21	17	19
Accrued Expenses	13	21	29	65	64
Other Current Liabilities	13	16	10	9.28	6.30
Total Noncurrent Liabilities	144	114	223	312	357
Other Noncurrent Operating Liabilities	21	31	41	27	357
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	94	1,152	935	613	508
Total Equity & Noncontrolling Interests	1.20	-774	-478	-148	-61
Total Preferred & Common Equity	0.01	-801	-479	-148	-64
Total Common Equity	0.01	-801	-479	-148	-64
Common Stock	0.01	0.02	0.02	0.02	0.02
Retained Earnings	0.00	-801	-467	-137	-53
Treasury Stock	-	0.00	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	0.00	0.20	-0.02	0.15	-0.03
Noncontrolling Interest	1.19	26	0.96	0.62	2.79

This table presents OPAL Fuels' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	723	750	782	831	885	906	917	1,061	1,040	1,025
Total Current Assets	109	106	105	123	116	123	123	213	163	185
Cash & Equivalents	16	28	19	20	40	29	30	133	91	86
Restricted Cash	2.46	1.01	0.94	0.95	0.88	0.98	1.08	0.93	0.92	1.44
Accounts Receivable	31	38	39	55	38	55	53	43	38	42
Inventories, net	12	11	11	10	13	13	12	12	13	12
Prepaid Expenses	5.21	6.37	6.32	4.67	9.79	12	11	18	14	17
Other Current Assets	19	11	15	14	10	11	13	6.78	6.64	26
Plant, Property, & Equipment, net	304	0.00	0.00	0.00	0.00	0.00	0.00	513	0.00	520
Total Noncurrent Assets	311	645	678	708	769	782	794	335	877	320
Long-Term Investments	199	206	213	217	219	225	228	224	234	213
Noncurrent Note & Lease Receivables	2.18	2.37	2.44	2.51	-	-	-	11	11	12
Goodwill	55	55	55	55	55	55	55	55	55	55
Other Noncurrent Operating Assets	53	380	407	432	494	503	512	45	577	39
Total Liabilities & Shareholders' Equity	723	750	782	831	885	906	917	1,061	1,040	1,025
Total Liabilities	278	297	328	361	420	432	434	549	524	528
Total Current Liabilities	61	75	81	98	102	98	83	97	90	120
Short-Term Debt	0.00	1.87	4.21	6.95	1.79	8.06	11	19	19	20
Accounts Payable	14	19	21	22	29	28	23	9.63	13	30
Accrued Expenses	22	28	32	45	48	43	29	63	55	65
Other Current Liabilities	13	12	12	12	13	8.63	8.38	5.07	3.05	4.21
Total Noncurrent Liabilities	217	222	247	263	319	334	350	452	434	407
Other Noncurrent Operating Liabilities	46	30	30	42	33	38	37	452	434	407
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,289	835	727	649	407	496	473	493	478	444
Total Equity & Noncontrolling Interests	-844	-382	-273	-179	58	-22	10	18	38	53
Total Preferred & Common Equity	-846	-382	-273	-180	57	-25	7.48	8.22	26	39
Total Common Equity	-853	-382	-273	-180	57	-25	7.48	8.22	26	39
Common Stock	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Retained Earnings	-841	-371	-262	-168	69	-13	19	20	38	49
Treasury Stock	-12	-12	-12	-12	-12	-12	-12	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	0.07	0.04	0.07	-0.03	0.06	0.00	-0.01	0.18	0.42	0.81
Noncontrolling Interest	1.77	0.72	0.52	0.59	0.63	2.74	2.79	10	12	14

This table displays calculated financial ratios and metrics derived from OPAL Fuels' official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	77,790,762.00	170,070,427.00	172,374,297.00	-	173,395,214.00
DEI Adjusted Shares Outstanding	77,790,762.00	170,070,427.00	172,374,297.00	-	173,395,214.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.02	0.11	-	0.02
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	41.78%	8.74%	17.13%	16.34%
EBITDA Growth	0.00%	149.44%	181.96%	-71.44%	-20.21%
EBIT Growth	0.00%	252.53%	253.20%	-81.93%	-60.29%
NOPAT Growth	0.00%	-31.41%	-6.92%	696.87%	-90.75%
Net Income Growth	0.00%	-20.09%	289.90%	-88.72%	154.18%
EPS Growth	0.00%	0.00%	475.00%	-97.10%	650.00%
Operating Cash Flow Growth	0.00%	-107.19%	2,924.28%	-13.68%	16.29%
Free Cash Flow Firm Growth	0.00%	0.00%	78.42%	-151.64%	415.41%
Invested Capital Growth	0.00%	56.88%	9.40%	31.89%	-50.18%
Revenue Q/Q Growth	0.00%	-29.68%	8.60%	-2.28%	5.99%
EBITDA Q/Q Growth	0.00%	186.82%	-6.52%	-34.05%	29.73%
EBIT Q/Q Growth	0.00%	104.72%	-7.26%	-48.94%	181.08%
NOPAT Q/Q Growth	0.00%	-35.28%	214.25%	30.63%	1,467.44%
Net Income Q/Q Growth	0.00%	-27.99%	-8.58%	-63.99%	144.99%
EPS Q/Q Growth	0.00%	-33.33%	-10.39%	-88.24%	650.00%
Operating Cash Flow Q/Q Growth	0.00%	8.74%	50.22%	-49.46%	-11.27%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	93.39%	-142.29%	349.82%
Invested Capital Q/Q Growth	0.00%	0.00%	0.05%	11.39%	-53.36%
Profitability Metrics	-	-	-	-	-
Gross Margin	30.74%	30.88%	28.19%	33.38%	30.43%
EBITDA Margin	13.26%	23.33%	60.49%	14.75%	10.06%
Operating Margin	6.64%	3.21%	2.75%	7.07%	2.12%
EBIT Margin	6.70%	16.65%	54.09%	8.34%	2.85%
Profit (Net Income) Margin	24.54%	13.83%	49.60%	4.78%	10.43%
Tax Burden Percent	100.00%	100.00%	100.00%	264.35%	-222.90%
Interest Burden Percent	366.46%	83.07%	91.70%	21.65%	-164.35%
Effective Tax Rate	0.00%	0.00%	0.00%	-164.35%	0.00%
Return on Invested Capital (ROIC)	5.06%	2.70%	1.97%	12.93%	1.35%
ROIC Less NNEP Spread (ROIC-NNEP)	29.21%	59.93%	-199.89%	166.04%	-31.00%
Return on Net Nonoperating Assets (RNNOA)	37.88%	11.08%	28.45%	-9.82%	6.22%
Return on Equity (ROE)	42.93%	13.78%	30.41%	3.11%	7.56%
Cash Return on Invested Capital (CROIC)	0.00%	-41.59%	-7.02%	-14.57%	68.33%
Operating Return on Assets (OROA)	2.92%	7.65%	19.80%	3.06%	1.08%
Return on Assets (ROA)	10.70%	6.35%	18.15%	1.75%	3.96%
Return on Common Equity (ROCE)	0.01%	-23.34%	-46.58%	-2.11%	-1.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.07%	-26.53%	-9.65%	0.00%
Net Operating Profit after Tax (NOPAT)	11	7.56	7.04	56	5.19
NOPAT Margin	6.64%	3.21%	2.75%	18.70%	1.49%
Net Nonoperating Expense Percent (NNEP)	-24.16%	-57.23%	201.86%	-153.12%	32.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-2.34%	43.27%	105.46%
Cost of Revenue to Revenue	69.26%	69.12%	71.81%	66.62%	69.57%
SG&A Expenses to Revenue	17.69%	21.82%	20.02%	17.71%	18.33%
R&D to Revenue	0.00%	2.73%	1.90%	6.37%	4.28%
Operating Expenses to Revenue	24.10%	27.67%	25.45%	26.30%	28.30%
Earnings before Interest and Taxes (EBIT)	11	39	139	25	9.94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	55	155	44	35
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.78	3.72	1.95	1.17
Price to Earnings (P/E)	0.00	54.04	50.25	1,044.36	95.34
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.85%	1.99%	0.10%	1.05%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.88	4.82	2.49	2.65
Enterprise Value to Revenue (EV/Rev)	0.00	5.64	7.05	4.09	1.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	24.19	11.65	27.75	19.29
Enterprise Value to EBIT (EV/EBIT)	0.00	33.89	13.03	49.06	68.14
Enterprise Value to NOPAT (EV/NOPAT)	0.00	175.72	256.34	21.89	130.50
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	47.16	37.17	18.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	2.58
Leverage & Solvency	-	-	-	-	-
Debt to Equity	2.23	0.42	0.39	0.60	0.03
Long-Term Debt to Equity	1.24	0.21	0.39	0.57	0.00
Financial Leverage	1.30	0.18	-0.14	-0.06	-0.20
Leverage Ratio	4.01	2.17	1.68	1.77	1.91
Compound Leverage Factor	14.70	1.80	1.54	0.38	-3.14
Debt to Total Capital	69.06%	29.34%	27.84%	37.37%	2.94%
Short-Term Debt to Total Capital	30.65%	14.78%	0.00%	1.46%	2.94%
Long-Term Debt to Total Capital	38.41%	14.56%	27.84%	35.91%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	30.94%	220.40%	147.68%	82.62%	99.58%
Common Equity to Total Capital	0.00%	-149.74%	-75.52%	-19.99%	-2.52%
Debt to EBITDA	9.62	2.85	1.14	6.27	0.43
Net Debt to EBITDA	5.70	-0.59	-0.54	0.65	-6.89
Long-Term Debt to EBITDA	5.35	1.42	1.14	6.03	0.00
Debt to NOPAT	19.22	20.74	25.08	4.95	2.90
Net Debt to NOPAT	11.38	-4.32	-11.82	0.51	-46.59
Long-Term Debt to NOPAT	10.69	10.29	25.08	4.75	0.00
Altman Z-Score	0.00	-0.65	2.09	1.08	0.95
Noncontrolling Interest Sharing Ratio	99.99%	269.34%	253.17%	167.99%	116.76%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.61	1.39	1.72	1.13	1.18
Quick Ratio	0.46	0.97	1.27	0.69	0.83
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-116	-25	-63	263
Operating Cash Flow to CapEx	21.03%	-1.03%	33.62%	26.13%	53.88%
Free Cash Flow to Firm to Interest Expense	0.00	-17.54	-2.19	-3.23	9.56
Operating Cash Flow to Interest Expense	2.53	-0.20	3.33	1.68	1.33
Operating Cash Flow Less CapEx to Interest Expense	-9.48	-19.99	-6.57	-4.76	-1.14
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.44	0.46	0.37	0.37	0.38
Accounts Receivable Turnover	6.54	6.84	5.70	6.46	6.44
Inventory Turnover	22.37	26.14	21.01	19.51	22.84
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.03	8.85	8.18	8.83	13.45
Days Sales Outstanding (DSO)	55.79	53.38	64.01	56.49	56.66
Days Inventory Outstanding (DIO)	16.31	13.96	17.37	18.71	15.98
Days Payable Outstanding (DPO)	40.44	41.22	44.61	41.35	27.15
Cash Conversion Cycle (CCC)	31.67	26.12	36.77	33.85	45.49
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	218	342	374	494	256
Invested Capital Turnover	0.76	0.84	0.72	0.69	0.91
Increase / (Decrease) in Invested Capital	0.00	124	32	119	-258
Enterprise Value (EV)	0.00	1,329	1,805	1,228	677
Market Capitalization	0.00	183	952	586	408
Book Value per Share	$0.00	($31.81)	($2.78)	($0.86)	($0.07)
Tangible Book Value per Share	($1.48)	($34.06)	($3.10)	($1.18)	($0.39)
Total Capital	307	535	634	743	513
Total Debt	212	157	177	277	15
Total Long-Term Debt	118	78	177	267	0.00
Net Debt	125	-33	-83	29	-242
Capital Expenditures (CapEx)	90	131	114	126	68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.39	0.32	1.11	-0.83	7.91
Debt-free Net Working Capital (DFNWC)	39	138	54	24	34
Net Working Capital (NWC)	-55	59	54	14	18
Net Nonoperating Expense (NNE)	-30	-25	-120	42	-31
Net Nonoperating Obligations (NNO)	123	-36	-83	29	-242
Total Depreciation and Amortization (D&A)	11	16	16	19	25
Debt-free, Cash-free Net Working Capital to Revenue	-0.23%	0.13%	0.43%	-0.28%	2.27%
Debt-free Net Working Capital to Revenue	23.43%	58.63%	20.98%	8.15%	9.61%
Net Working Capital to Revenue	-33.19%	25.08%	20.98%	4.53%	5.29%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.13	$0.70	$0.02	$0.15
Adjusted Weighted Average Basic Shares Outstanding	38.90M	25.77M	27.15M	27.62M	28.14M
Adjusted Diluted Earnings per Share	$0.00	$0.12	$0.69	$0.02	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	38.90M	26.06M	27.49M	27.69M	29.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	172.04M	172.48M	172.83M	173.40M
Normalized Net Operating Profit after Tax (NOPAT)	7.72	5.29	4.93	16	5.19
Normalized NOPAT Margin	4.65%	2.25%	1.92%	5.42%	1.49%
Pre Tax Income Margin	24.54%	13.83%	49.60%	1.81%	-4.68%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	1.49	5.91	12.05	1.28	0.36
NOPAT to Interest Expense	1.48	1.14	0.61	2.86	0.19
EBIT Less CapEx to Interest Expense	-10.52	-13.88	2.15	-5.17	-2.10
NOPAT Less CapEx to Interest Expense	-10.53	-18.65	-9.29	-3.59	-2.27
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	21.33%	0.00%	13.28%	96.26%	29.16%
Augmented Payout Ratio	21.33%	0.00%	13.28%	96.26%	29.16%

This table displays calculated financial ratios and metrics derived from OPAL Fuels' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	172,481,869.00	172,785,542.00	345,643,646.00	-	172,828,514.00	173,370,918.00	173,395,214.00	173,395,214.00	173,400,157.00	174,756,581.00	174,756,581.00
DEI Adjusted Shares Outstanding	172,481,869.00	172,785,542.00	345,643,646.00	-	172,828,514.00	173,370,918.00	173,395,214.00	173,395,214.00	173,400,157.00	174,756,581.00	174,756,581.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.01	-	0.00	0.00	0.01	0.01	-0.02	-0.01	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.20%	28.90%	18.21%	-8.03%	31.49%	13.40%	-0.82%	24.66%	-14.09%	3.66%	-4.64%
EBITDA Growth	437.34%	-90.54%	116.06%	-81.22%	-41.07%	-51.38%	-44.40%	157.67%	-96.29%	-48.62%	41.46%
EBIT Growth	169.17%	-94.10%	225.39%	-98.90%	-114.83%	-96.52%	-71.90%	2,398.13%	-687.50%	-1,074.58%	97.49%
NOPAT Growth	148.25%	177.21%	613.42%	-101.13%	-138.08%	-110.18%	-90.22%	2,006.07%	-149.38%	-264.09%	159.80%
Net Income Growth	109.22%	-98.33%	7,436.12%	-126.71%	89.66%	296.17%	-33.44%	401.51%	-535.59%	-154.86%	186.77%
EPS Growth	83.33%	-101.52%	1,000.00%	-150.00%	0.00%	400.00%	-44.44%	260.00%	-800.00%	-266.67%	0.00%
Operating Cash Flow Growth	228.89%	-85.26%	697.03%	-96.66%	116.35%	-1,577.30%	3.09%	-561.47%	-56.48%	236.67%	140.84%
Free Cash Flow Firm Growth	81.00%	-11.50%	88.29%	-1,007.65%	-346.06%	-27.00%	-137.67%	287.81%	442.28%	430.73%	433.72%
Invested Capital Growth	6.43%	22.89%	18.46%	31.89%	22.65%	21.84%	23.83%	-50.18%	-64.84%	-60.05%	-60.54%
Revenue Q/Q Growth	-25.35%	9.23%	18.46%	-4.79%	6.73%	-5.80%	3.61%	19.67%	-26.44%	13.66%	-4.69%
EBITDA Q/Q Growth	-68.31%	28.35%	60.69%	-71.10%	-0.10%	-3.67%	83.77%	32.53%	-98.56%	1,350.26%	402.05%
EBIT Q/Q Growth	-80.88%	48.71%	91.78%	-97.98%	-357.68%	134.88%	1,448.75%	79.45%	-181.23%	56.83%	520.91%
NOPAT Q/Q Growth	-83.30%	59.36%	351.33%	-101.97%	-461.27%	57.42%	533.86%	83.81%	-173.43%	37.83%	518.99%
Net Income Q/Q Growth	-96.63%	181.83%	796.59%	-131.37%	123.92%	488.71%	50.63%	42.12%	-134.56%	25.85%	140.03%
EPS Q/Q Growth	-110.00%	0.00%	1,000.00%	-155.56%	80.00%	400.00%	66.67%	60.00%	-212.50%	44.44%	40.00%
Operating Cash Flow Q/Q Growth	-58.98%	-96.11%	3,214.45%	-93.68%	5,678.76%	-126.53%	331.29%	-119.32%	467.04%	-16.68%	-35.76%
Free Cash Flow Firm Q/Q Growth	-91.40%	-258.85%	41.51%	-110.76%	34.03%	-2.17%	-9.47%	354.55%	20.23%	-1.28%	9.51%
Invested Capital Q/Q Growth	7.13%	6.89%	3.39%	11.39%	-4.28%	6.19%	5.08%	-53.36%	-32.45%	20.67%	3.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.21%	32.12%	38.88%	34.53%	31.34%	29.10%	30.51%	30.64%	26.61%	29.34%	34.93%
EBITDA Margin	13.73%	16.13%	21.88%	6.60%	6.15%	6.92%	12.27%	13.58%	0.27%	3.39%	17.86%
Operating Margin	5.50%	8.02%	14.65%	-0.43%	-2.27%	-1.03%	4.30%	6.61%	-6.60%	-3.61%	11.11%
EBIT Margin	7.14%	9.72%	15.74%	0.33%	-0.81%	0.30%	4.46%	6.69%	-7.38%	-2.80%	12.39%
Profit (Net Income) Margin	1.04%	2.69%	20.35%	-6.71%	1.50%	9.40%	13.66%	16.22%	-7.62%	-4.97%	2.09%
Tax Burden Percent	100.00%	100.00%	208.60%	100.00%	-19.01%	-123.37%	-357.94%	-5,905.84%	49.49%	46.67%	100.00%
Interest Burden Percent	14.60%	27.66%	62.00%	-2,010.11%	981.54%	-2,552.92%	-85.58%	-4.11%	208.60%	379.86%	16.86%
Effective Tax Rate	0.00%	0.00%	-108.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.93%	6.06%	22.95%	-0.21%	-1.14%	-0.50%	2.00%	4.20%	-4.68%	-2.35%	9.76%
ROIC Less NNEP Spread (ROIC-NNEP)	18.72%	11.60%	40.54%	18.57%	-22.15%	70.07%	47.18%	-7.79%	-3.27%	-0.77%	16.44%
Return on Net Nonoperating Assets (RNNOA)	-0.90%	-1.73%	-4.32%	-1.10%	0.61%	1.74%	1.95%	1.56%	1.04%	0.20%	-3.60%
Return on Equity (ROE)	3.03%	4.33%	18.63%	-1.31%	-0.54%	1.24%	3.95%	5.76%	-3.64%	-2.15%	6.16%
Cash Return on Invested Capital (CROIC)	-0.79%	-11.73%	-6.39%	-14.57%	-17.88%	-18.33%	-21.23%	68.33%	96.90%	86.25%	87.98%
Operating Return on Assets (OROA)	2.93%	3.85%	6.22%	0.12%	-0.32%	0.12%	1.68%	2.54%	-2.56%	-0.98%	4.29%
Return on Assets (ROA)	0.43%	1.06%	8.04%	-2.46%	0.59%	3.67%	5.15%	6.15%	-2.64%	-1.74%	0.72%
Return on Common Equity (ROCE)	-4.46%	-4.90%	-21.04%	0.89%	0.19%	-0.40%	-0.71%	-0.97%	-0.24%	0.00%	0.29%
Return on Equity Simple (ROE_SIMPLE)	-35.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.57	5.69	26	-0.24	-1.36	-0.58	2.51	4.62	-3.39	-2.11	8.83
NOPAT Margin	5.50%	8.02%	30.55%	-0.30%	-1.59%	-0.72%	3.01%	4.63%	-4.62%	-2.53%	11.11%
Net Nonoperating Expense Percent (NNEP)	-14.79%	-5.53%	-17.59%	-18.78%	21.00%	-70.56%	-45.18%	11.98%	-1.41%	-1.58%	-6.68%
Return On Investment Capital (ROIC_SIMPLE)	-1.85%	-9.93%	59.40%	-0.19%	-0.39%	-0.21%	0.75%	93.81%	-8.94%	-3.71%	12.05%
Cost of Revenue to Revenue	73.79%	67.88%	61.12%	65.47%	68.66%	70.90%	69.49%	69.36%	73.39%	70.66%	65.07%
SG&A Expenses to Revenue	20.26%	19.31%	15.10%	16.96%	18.70%	21.70%	17.25%	16.22%	20.69%	17.12%	15.64%
R&D to Revenue	1.21%	4.14%	8.09%	10.73%	7.12%	4.32%	3.05%	2.85%	2.47%	3.96%	3.45%
Operating Expenses to Revenue	20.71%	24.11%	24.24%	34.96%	33.62%	30.13%	26.21%	24.03%	33.21%	32.95%	23.82%
Earnings before Interest and Taxes (EBIT)	4.64	6.90	13	0.27	-0.69	0.24	3.72	6.67	-5.42	-2.34	9.85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.92	11	18	5.28	5.25	5.56	10	14	0.20	2.83	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	5.57	0.00	51.00	0.00	53.17	14.59	7.91
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	128.02	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.11	2.40	2.06	1.95	0.99	1.27	1.16	1.17	1.30	1.13	0.91
Price to Earnings (P/E)	42.87	333.03	129.16	1,044.36	495.33	263.05	558.52	95.34	232.93	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.33%	0.30%	0.77%	0.10%	0.20%	0.38%	0.18%	1.05%	0.43%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.11	3.29	2.83	2.49	1.53	1.85	1.68	2.65	3.48	2.72	2.23
Enterprise Value to Revenue (EV/Rev)	5.93	4.79	4.09	4.09	2.35	2.93	2.80	1.94	1.79	1.67	1.44
Enterprise Value to EBITDA (EV/EBITDA)	9.91	24.71	18.75	27.75	18.83	27.44	34.09	19.29	22.00	22.97	16.77
Enterprise Value to EBIT (EV/EBIT)	11.01	35.33	25.58	49.06	38.20	74.11	260.96	68.14	115.51	215.50	64.58
Enterprise Value to NOPAT (EV/NOPAT)	77.87	41.14	29.20	21.89	68.45	150.23	2,786.98	130.50	190.46	347.65	109.61
Enterprise Value to Operating Cash Flow (EV/OCF)	34.49	31.48	19.19	37.17	15.90	23.82	22.43	18.56	30.49	14.77	7.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.58	1.87	1.80	1.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.47	0.47	0.60	0.62	0.64	0.67	0.03	0.04	0.04	0.04
Long-Term Debt to Equity	0.41	0.46	0.46	0.57	0.62	0.62	0.65	0.00	0.00	0.00	0.00
Financial Leverage	-0.05	-0.15	-0.11	-0.06	-0.03	0.02	0.04	-0.20	-0.32	-0.26	-0.22
Leverage Ratio	1.66	1.63	1.70	1.77	1.78	1.82	1.83	1.91	1.99	1.97	1.98
Compound Leverage Factor	0.24	0.45	1.05	-35.64	17.49	-46.44	-1.57	-0.08	4.16	7.47	0.33
Debt to Total Capital	29.38%	32.13%	32.16%	37.37%	38.26%	39.10%	40.20%	2.94%	3.66%	3.53%	3.93%
Short-Term Debt to Total Capital	0.29%	0.63%	1.00%	1.46%	0.24%	1.04%	1.39%	2.94%	3.66%	3.53%	3.93%
Long-Term Debt to Total Capital	29.09%	31.50%	31.15%	35.91%	38.02%	38.06%	38.81%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	130.16%	108.63%	93.84%	82.62%	54.15%	64.12%	58.88%	99.58%	94.79%	91.55%	88.60%
Common Equity to Total Capital	-59.54%	-40.77%	-26.00%	-19.99%	7.59%	-3.22%	0.93%	-2.52%	1.55%	4.92%	7.47%
Debt to EBITDA	1.13	3.78	3.33	6.27	7.20	8.62	11.99	0.43	0.71	0.77	0.70
Net Debt to EBITDA	-0.32	-0.45	-0.40	0.65	0.68	1.39	2.44	-6.89	-12.39	-12.47	-9.73
Long-Term Debt to EBITDA	1.12	3.70	3.23	6.03	7.16	8.39	11.58	0.00	0.00	0.00	0.00
Debt to NOPAT	8.91	6.29	5.19	4.95	26.17	47.21	980.17	2.90	6.16	11.58	4.60
Net Debt to NOPAT	-2.48	-0.76	-0.62	0.51	2.49	7.61	199.29	-46.59	-107.30	-188.73	-63.57
Long-Term Debt to NOPAT	8.82	6.16	5.02	4.75	26.01	45.95	946.31	0.00	0.00	0.00	0.00
Altman Z-Score	1.50	1.27	1.22	0.99	0.94	0.96	0.98	0.94	0.94	0.89	0.85
Noncontrolling Interest Sharing Ratio	247.11%	213.17%	212.93%	167.99%	135.44%	132.13%	118.12%	116.76%	93.31%	99.87%	95.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.29	1.25	1.13	1.15	1.26	1.47	1.18	2.20	1.82	1.54
Quick Ratio	0.95	0.82	0.88	0.69	0.77	0.85	0.99	0.83	1.81	1.43	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-21	-74	-43	-120	-92	-94	-103	262	316	311	341
Operating Cash Flow to CapEx	51.28%	2.32%	76.60%	2.05%	256.61%	-36.05%	66.27%	-35.73%	53.01%	38.01%	37.78%
Free Cash Flow to Firm to Interest Expense	-5.22	-14.86	-8.63	-21.23	-14.29	-14.79	-14.95	32.04	47.49	36.02	38.21
Operating Cash Flow to Interest Expense	3.46	0.11	3.51	0.20	4.60	-1.24	2.64	-0.43	1.94	1.24	0.77
Operating Cash Flow Less CapEx to Interest Expense	-3.29	-4.50	-1.07	-9.46	2.81	-4.67	-1.34	-1.63	-1.72	-2.03	-1.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.40	0.40	0.37	0.39	0.39	0.38	0.38	0.35	0.35	0.35
Accounts Receivable Turnover	7.75	8.83	7.15	6.46	8.48	7.05	6.12	6.44	8.37	7.38	7.08
Inventory Turnover	19.31	18.96	18.01	19.51	17.55	18.58	20.02	22.84	18.99	18.75	18.94
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.14	10.08	11.25	8.83	8.78	8.93	10.22	13.45	12.33	11.71	8.74
Days Sales Outstanding (DSO)	47.08	41.36	51.02	56.49	43.04	51.74	59.61	56.66	43.59	49.45	51.55
Days Inventory Outstanding (DIO)	18.90	19.25	20.27	18.71	20.80	19.65	18.23	15.98	19.22	19.46	19.27
Days Payable Outstanding (DPO)	39.92	36.20	32.43	41.35	41.56	40.87	35.70	27.15	29.60	31.18	41.75
Cash Conversion Cycle (CCC)	26.06	24.41	38.86	33.85	22.27	30.52	42.14	45.49	33.21	37.74	29.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	401	429	443	494	492	522	549	256	173	209	217
Invested Capital Turnover	0.72	0.76	0.75	0.69	0.72	0.69	0.66	0.91	1.01	0.93	0.88
Increase / (Decrease) in Invested Capital	24	80	69	119	91	94	106	-258	-319	-314	-332
Enterprise Value (EV)	1,649	1,408	1,254	1,228	753	967	923	677	602	567	484
Market Capitalization	866	707	631	586	318	420	381	408	437	384	306
Book Value per Share	($2.22)	($1.58)	($1.04)	($0.86)	$0.33	($0.14)	$0.04	($0.07)	$0.05	$0.15	$0.22
Tangible Book Value per Share	($2.54)	($1.90)	($1.37)	($1.18)	$0.01	($0.46)	($0.27)	($0.39)	($0.27)	($0.16)	($0.09)
Total Capital	642	670	693	743	752	777	807	513	531	535	517
Total Debt	189	215	223	277	288	304	325	15	19	19	20
Total Long-Term Debt	187	211	216	267	286	296	313	0.00	0.00	0.00	0.00
Net Debt	-53	-26	-27	29	27	49	66	-242	-339	-308	-281
Capital Expenditures (CapEx)	27	23	23	54	12	22	27	9.85	24	28	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.98	-0.70	-0.18	-0.83	-24	3.06	20	7.91	1.64	0.07	-2.76
Debt-free Net Working Capital (DFNWC)	32	28	32	24	17	33	51	34	136	92	85
Net Working Capital (NWC)	30	24	25	14	15	25	39	18	116	73	64
Net Nonoperating Expense (NNE)	2.89	3.78	8.57	5.12	-2.64	-8.14	-8.87	-12	2.20	2.04	7.17
Net Nonoperating Obligations (NNO)	-53	-26	-27	29	27	49	66	-242	-339	-308	-281
Total Depreciation and Amortization (D&A)	4.28	4.55	5.16	5.02	5.94	5.32	6.51	6.88	5.61	5.17	4.35
Debt-free, Cash-free Net Working Capital to Revenue	-1.07%	-0.24%	-0.06%	-0.28%	-7.61%	0.93%	5.93%	2.27%	0.49%	0.02%	-0.82%
Debt-free Net Working Capital to Revenue	11.58%	9.47%	10.35%	8.15%	5.17%	10.10%	15.35%	9.61%	40.31%	27.17%	25.20%
Net Working Capital to Revenue	10.91%	8.04%	8.09%	4.53%	4.61%	7.65%	11.94%	5.29%	34.53%	21.61%	19.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.00	$0.09	($0.05)	($0.01)	$0.03	$0.05	$0.08	($0.09)	($0.05)	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	27.37M	0.00	27.71M	27.62M	27.72M	28.27M	28.28M	28.14M	28.30M	29.64M	29.64M
Adjusted Diluted Earnings per Share	($0.01)	$0.00	$0.09	($0.05)	($0.01)	$0.03	$0.05	$0.08	($0.09)	($0.05)	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	27.37M	0.00	27.74M	27.69M	27.72M	29.23M	29.59M	29.25M	28.30M	29.64M	29.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	172.79M	0.00	172.83M	172.83M	173.37M	173.40M	173.40M	173.40M	174.76M	174.76M	174.78M
Normalized Net Operating Profit after Tax (NOPAT)	2.50	3.98	8.62	-0.24	-1.36	-0.58	2.51	4.62	-3.39	0.79	6.19
Normalized NOPAT Margin	3.85%	5.61%	10.25%	-0.30%	-1.59%	-0.72%	3.01%	4.63%	-4.62%	0.95%	7.79%
Pre Tax Income Margin	1.04%	2.69%	9.76%	-6.71%	-7.91%	-7.62%	-3.82%	-0.27%	-15.40%	-10.65%	2.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.17	1.38	2.63	0.05	-0.11	0.04	0.54	0.81	-0.82	-0.27	1.10
NOPAT to Interest Expense	0.90	1.14	5.11	-0.04	-0.21	-0.09	0.36	0.56	-0.51	-0.24	0.99
EBIT Less CapEx to Interest Expense	-5.58	-3.23	-1.96	-9.61	-1.90	-3.39	-3.45	-0.39	-4.48	-3.54	-0.95
NOPAT Less CapEx to Interest Expense	-5.85	-3.47	0.52	-9.70	-2.00	-3.52	-3.62	-0.64	-4.18	-3.52	-1.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.54%	109.47%	28.17%	96.26%	73.65%	52.01%	71.96%	29.16%	38.77%	70.82%	67.47%
Augmented Payout Ratio	16.54%	109.47%	28.17%	96.26%	73.65%	52.01%	71.96%	29.16%	38.77%	70.82%	67.47%

Financials Breakdown Chart

Key Financial Trends

OPAL Fuels’ second-quarter 2026 results show improving revenue and operating cash flow, but profitability remains under pressure from high interest costs, capital spending and a sizable impairment charge.

Revenue growth continues: Q2 2026 revenue rose to $83.4 million from $80.5 million in Q2 2025 and $71.0 million in Q2 2024. Compared with Q1 2024, revenue is up approximately 28%.
Gross profit increased: Gross profit reached $24.5 million in Q2 2026, up from $23.4 million in Q2 2025. The gross margin was approximately 29.3%, slightly above 29.1% a year earlier.
Operating cash flow recovered: Cash flow from operations was $10.8 million in Q2 2026, compared with negative $7.9 million in Q2 2025. This was also a positive result compared with the $3.5 million operating cash outflow in Q4 2025.
Liquidity remains meaningful: OPAL ended Q2 2026 with $91.4 million of cash and equivalents, plus $0.9 million of restricted cash. Current assets of $163.3 million exceeded current liabilities of $89.9 million, producing a current ratio of approximately 1.8.
Common equity improved sequentially: Total common equity increased to $26.4 million at June 30, 2026, from $8.2 million at March 31, 2026. However, this improvement should be viewed alongside the company’s substantial redeemable noncontrolling interest.
Recent revenue growth has not translated into consistent earnings: OPAL reported a $4.1 million consolidated net loss in Q2 2026, following a $5.6 million loss in Q1. The company had reported positive consolidated income in Q2 and Q3 2025, but those results included significant tax and noncontrolling-interest effects.
The Q2 impairment charge materially affected results: OPAL recorded a $4.1 million impairment charge in Q2 2026. Excluding that charge, operating income would have been modestly positive, but interest expense would still have kept pre-tax results under pressure.
Free cash flow remained negative: Q2 operating cash flow of $10.8 million was outweighed by $28.3 million of capital expenditures and $12.5 million of acquisitions. On this basis, cash investment exceeded operating cash generation by roughly $30 million before investment proceeds.
Cash declined sharply during the quarter: Cash and equivalents fell by $41.8 million from Q1 2026 to Q2 2026. Financing cash flow was negative $13.5 million, including $17.3 million of debt repayments, $3.8 million of dividend payments and $7.9 million of preferred-equity repurchases.
Debt and interest costs remain significant: Q2 interest expense increased to $8.6 million from $6.6 million in Q2 2025, while cash interest paid rose to $7.9 million. The company’s heavy investment program and financing needs could continue to pressure cash flow and shareholder returns.

Across the reported periods, OPAL’s revenue base has generally expanded, but earnings have been volatile. Quarterly revenue increased from $64.5 million in Q1 2024 to $83.4 million in Q2 2026, while consolidated results moved between profits and losses. Operating cash flow has also been inconsistent, ranging from positive $29.7 million in Q1 2025 to negative $7.9 million in Q2 2025 before recovering in the latest quarter.

Investors should also note the company’s complex capital structure. Redeemable noncontrolling interest was $478.5 million at the end of Q2 2026, far larger than reported common equity, and preferred dividends were $4.4 million during the quarter. In addition, the data shows substantial changes in asset classification, including net property, plant and equipment falling from $512.5 million in Q1 2026 to zero in Q2 while other noncurrent operating assets increased sharply. These changes may reflect reclassification or reporting adjustments rather than an abrupt change in the underlying business.

11/15/26 12:19 PM ETAI Generated. May Contain Errors.

OPAL Fuels Financials - Frequently Asked Questions

According to the most recent income statement we have on file, OPAL Fuels' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

OPAL Fuels' net income appears to be on a downward trend, with a most recent value of $36.41 million in 2025, falling from $40.77 million in 2021. The previous period was $14.33 million in 2024. Check out OPAL Fuels' forecast to explore projected trends and price targets.

OPAL Fuels' total operating income in 2025 was $7.41 million, based on the following breakdown:

Total Gross Profit: $106.18 million
Total Operating Expenses: $98.77 million

Over the last 4 years, OPAL Fuels' total revenue changed from $166.12 million in 2021 to $348.98 million in 2025, a change of 110.1%.

In the past 12 quarters, OPAL Fuels' cash and equivalents has ranged from $16.30 million in Q3 2023 to $133.24 million in Q1 2026, and is currently $86.00 million as of their latest financial filing in Q3 2026.

OPAL Fuels had total debt of $15.06 million at the end of 2025, a 94.6% decrease from 2024, and a 92.9% decrease since 2021.

Over the last 4 years, OPAL Fuels' book value per share changed from 0.00 in 2021 to -0.07 in 2025.

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Financial statements for NASDAQ:OPAL last updated on 11/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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OPAL Fuels (OPAL) Financials

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OPAL Fuels (OPAL) Financials

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Quarterly Balance Sheets for OPAL Fuels

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Quarterly Metrics And Ratios for OPAL Fuels

Financials Breakdown Chart

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OPAL Fuels Financials - Frequently Asked Questions

When does OPAL Fuels' financial year end?

How has OPAL Fuels' net income changed over the last 4 years?

What is OPAL Fuels' operating income?

How has OPAL Fuels' revenue changed over the last 4 years?

How much cash does OPAL Fuels have?

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How has OPAL Fuels' book value per share changed over the last 4 years?

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